Democratic U.S. Rep. Jim Oberstar is in the fight of his long political life as he trades leads with GOP challenger Chip Cravaack in northeastern Minnesota's 8th District. With 92% of precincts counted, former Navy pilot Cravaack led Oberstar by more than 2,600 votes out of more than 260,000 cast in the large, heavily rural and mostly solid Democratic district.

Italy's Fiat SpA and Russian automobile company Sollers announced a 2.4 billion euro ($3.3 billion) joint venture on Thursday to produce up to 500,000 vehicles per year in Russia in a bid to become the country's second-largest carmaker.

Two influential House lawmakers on Thursday announced an agreement on guidelines for legislation to impose broad new oversight on the financial instruments blamed for hastening the global economic crisis.

The nuclear industry, ethanol producers and rural electric cooperatives are among those who stand to benefit from eleventh-hour deals made by House Democrats in search of enough votes to pass a sweeping climate bill.